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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #40,261
  • Aug 7, 2009 12:02am Aug 7, 2009 12:02am
Hi guys. I used to not post out here but I think that's a mistake. I think i'll learn faster and have more FUN! if I interact with the apes errrrr, I mean traders out here on the public side.

Plus it's really hit home that it is going to take me years to develop myself as a trader and I'm here for the duration, so i'd better make myself nice and comfy.

Here's the latest greatest setup i've seen in my moderately know WTF i'm talking about opinion.

GBPCHF 4 HR the most recent BEOB slicing through the 1.80 round number. Why do we like this? To borrow from my friend StoragePro, we like it because it's obvious.
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How you act is more important than how you feel.
  • #40,262
  • Aug 7, 2009 12:10am Aug 7, 2009 12:10am
Cheers bundyraider

I am watching.

However, I do have a question. regarding your BIG MANLY BUOB ;p

Yes I agree that it sticks out like a sore thumb and it shows momentum.

But if we enter above the high of the BUOB say 10 pips above its high

The stop loss will be big 400 pips ++ How would we manage the trade then and is the inital stop loss set below the swing low?

Thank you


Quoting bundyraider
Yep. What mike said, kk....
  • #40,263
  • Aug 7, 2009 12:10am Aug 7, 2009 12:10am
Quoting tradertt
Just wanted to pick all of your brains ;p

But GBPJPY H4 DBHLC - What do you think?
IMO it looks decent but I'm not putting my money on it.
How you act is more important than how you feel.
  • #40,264
  • Aug 7, 2009 12:11am Aug 7, 2009 12:11am
Quoting tradertt
Just wanted to pick all of your brains ;p

But GBPJPY H4 DBHLC - What do you think?
Yes you have identified the DBHLC correctly.

DBHLC, like BEOB, are best traded at swing highs. (at a strong PPZ level with supporting confluences.) This is the ideal situation.

A more riskier situation for a DBHLC (or BEOB) is if you think that we are in a downward trend and that this PA formation can be used as a trend continuation pattern. Again we need the same criteria for PA continuation : location and supporting confluences. Do we have any here that you see?
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Indicators show the past. Price Action "Indicates" the future.
  • #40,265
  • Aug 7, 2009 12:18am Aug 7, 2009 12:18am
Just a few questions:

1) wait for good break. (what is a good break?)

2) If it didn't have to contend with the range lows from the past few days? ...An ordinary break would do for entry.
Don't quite understand this point. Does it mean that if it has broken past the low closed below the range lows, an ordinary break will be ok? (What is an ordinary break?)

3) Ultimate (bar size wise) would be if the Close was below the range lows. I'd think of entering on bar close if there were no PPZ (or such) in the way. ...I'd think of even trading a pull back into the bars range. ...if I found supporting factors for the entry point.

Sorry this point too getting a bit confused lolz.
So if the close was below the range low, you will not even wait for a break of the BEOB but just enter at close of bar? What is supporting factors for the ENTRY POINT?


Quoting bundyraider
Better than KKs example....
  • #40,266
  • Aug 7, 2009 12:23am Aug 7, 2009 12:23am
not quite too sure how to answer you jarroo but I tried it out in the picture attached
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  • #40,267
  • Aug 7, 2009 12:38am Aug 7, 2009 12:38am
Quoting tradertt
not quite too sure how to answer you jarroo but I tried it out in the picture attached
Very good. The 160.50 is a PPZ level on the 4 hour time frame which is good. If that 160.50 was a PPZ level on the Daily and/or Weekly even better. 160.00 does show as a PPZ level on the Monthly back in 2000, good, but I would like more near term strength.

160.00 is a strong round number and closing below that is a good sign.
MACD divergence on the Daily, good.

It has potential.
Indicators show the past. Price Action "Indicates" the future.
  • #40,268
  • Aug 7, 2009 12:52am Aug 7, 2009 12:52am
Quoting tradertt
not quite too sure how to answer you jarroo but I tried it out in the picture attached
Let me just add an important note, tradertt. We have to prove to ourselves that we can be successful with only the Ideal Situations as James16 decribes on the 1st post. You will find that the A+ trades are easier to trade once you practice through demoing them over and over again.
Indicators show the past. Price Action "Indicates" the future.
  • #40,269
  • Aug 7, 2009 12:55am Aug 7, 2009 12:55am
Quoting jarroo
Let me just add an important note, tradertt. We have to prove to ourselves that we can be successful with only the Ideal Situation as James16 decribes on the 1st post. You will find that the A+ trades are easier to trade once you practice through demoing them over and over again.

Thank you. I got a question though, it seems that most of the time we are talking about reversal trades PA. Is there any trend continuation PA and how do we gauge confluence etc? Is it like the DBHLC where it is a trend continuation?

2nd question: If price makes a new high, retraces and at the swing low forms a BUOB, is that valid as a Swing low location for a BUOB to form? Hope you understand what I mean.
  • #40,270
  • Aug 7, 2009 1:00am Aug 7, 2009 1:00am
Quoting scott087
I was looking at this one on the daily.

See charts
Hey everyone,

As an update to my trade on GBP/CAD daily, I was looking at a potential trouble spot at around 1.8050. Price hit around 1.8060 and I moved my stops up to BE. I was stopped out at BE for this trade. I was looking to take some profit at the 1.80 area as outlined on the chart below. I wasn't willing to watch price bounce from 1.8050 and give me a loss, so I moved my stops up, got stopped out, and watched it run. We need to keep under control the feelings of frustration and impatience when getting out at BE and watching it run in our favor. The next one is right around the corner.

Scott
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  • #40,271
  • Aug 7, 2009 1:05am Aug 7, 2009 1:05am
Quoting mbqb11
haha Jim is really going to get a kick out of that. Because you know how many people have felt like that, or are feeling like that. Inspiring buddy.

Glad you didn't write bad stuff about me HAH
Yeah I wonder why? Cuz as far as I remember I was filled with spite for each and every poster here the seniors specially, you were just lucky I guess lol
I believe . . .
  • #40,272
  • Aug 7, 2009 1:07am Aug 7, 2009 1:07am
Quoting Cyrus
Hi Joel, speaking of human nature, one of the most interesting schools of economics (the one without triple integration and stochastic calculus) is the Austrian School.
The Austrian school of economics is pretty much the natural order of the universe. Everything else is voodoo.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,273
  • Aug 7, 2009 1:07am Aug 7, 2009 1:07am
Quoting jarroo
lol That's alright ghous. It's true, I do have a cool air about me.
And this probably is the best part I like abt you ...
I believe . . .
  • #40,274
  • Edited 1:28am Aug 7, 2009 1:11am | Edited 1:28am
Here is a setup with I am considering. I don't really follow the news, but I will be watching this closely before NFP tomorrow and either moving my stops or possibly pulling the order if it hasn't been triggered. See charts.

Scott

Edit-- Forgot to mention that the 1.80 area is also a monthly level acting as support way back around 1996.
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  • #40,275
  • Aug 7, 2009 1:11am Aug 7, 2009 1:11am
Quoting ghous
Yeah I wonder why? Cuz as far as I remember I was filled with spite for each and every poster here the seniors specially, you were just lucky I guess lol
I don't think my early frustrations were at Mike either. How can you get mad a guy like Mike? lol
Indicators show the past. Price Action "Indicates" the future.
  • #40,276
  • Aug 7, 2009 1:11am Aug 7, 2009 1:11am
Quoting batesmotel
One Question Ghous....Would you guys not even hesitate to trade a nice PB or BUOVB tomorrow just before NFP? 4hr bar would complete at 8am EST(depending on broker), NFP comes out at 8:30am EST... Just wondering....this is my first NFP with this thread.

GregB
NFP is for me probably the only news that can add to the cons of a trade setup but I know there are many who won't even hesitate to go for a "good looking" BUOB a few hours before the NFP.

Since it's your first NFP on the "bright and sunny side" you should probably look to sit this and a few others out and watch how adorable PA can get. Jig came up with a good post abt "news vs PA" which explains a lot.

Cheers,
Ghous.
I believe . . .
  • #40,277
  • Aug 7, 2009 1:14am Aug 7, 2009 1:14am
Quoting unlv_tj
I posted something like that about 3 months ago Jigsaw, but I think you are on to something

No one responded back then, so I guess it was over looked....
Wish I was half as organized Unlv

Time and again you can prove this phenomena, thanx for sharing.

G.
I believe . . .
  • #40,278
  • Aug 7, 2009 1:16am Aug 7, 2009 1:16am
A bit off topic but I figure someone in here will know.

My charts seem to be really blurry when I upload them to the forum. I'm using Jing to capture and annotate my charts, and I have a pretty large monitor setup.

The capture size always winds up being something like 1600 X 800 and it looks clear but I'm guessing the forum resizes and distorts my charts.

Any other jing users have a fix for this?

Scott
  • #40,279
  • Aug 7, 2009 1:18am Aug 7, 2009 1:18am
Quoting phpscott
Here is a trade a GBP/CAD trade I was in earlier today....
Scott,

You hit the nail on the head, co incidentally every "Scott" that I meet is one solid person/trader.

The best part abt that trade of yours was that you were aware of the fact that no ppz had balls big enough to cause you harm, once you were 60 pips in the green...

Hats off to you SIR.

I got out with a BE myself,

Ghous.
I believe . . .
  • #40,280
  • Aug 7, 2009 1:19am Aug 7, 2009 1:19am
Quoting tradertt
Thank you. I got a question though, it seems that most of the time we are talking about reversal trades PA. Is there any trend continuation PA and how do we gauge confluence etc? Is it like the DBHLC where it is a trend continuation?

2nd question: If price makes a new high, retraces and at the swing low forms a BUOB, is that valid as a Swing low location for a BUOB to form? Hope you understand what I mean.
Its that same PA formation like the DBHLC. The confluences are that same with PA continuation but the setup itself is riskier.

2) Yes, to continue with your 4 hour Gby/Jpy chart, the fib retracements marked with an "x" would be the nice swing lows for Bullish PA like a PB or BUOB. We would be at a PPZ level with Fib and 150 ema (blue) confluence.
Attached Image (click to enlarge)
Click to Enlarge Name: gj4.gif Size: 24 KB
Indicators show the past. Price Action "Indicates" the future.
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